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  • H Proceeds from primary residence disposal

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Downsizer contributions are contributions made by a member who:

    • is aged 65 years old or older when the contribution is made to the superannuation fund
    • has signed a contract to sell their dwelling on or after 1 July 2018 if the dwelling sold was owned by only one spouse, the spouse who does not hold an ownership interest may also make a downsizer contribution, or have one made on their behalf, provided they meet all the eligibility requirements
    • has provided the trustee of the SMSF with the Downsizer contribution into super form either before or at the time they make their contribution
    • has not previously made a downsizer contribution to super from the sale of another dwelling
    • meets all the other eligibility requirements (see Downsizing contributions into superannuation).
    Did the SMSF receive downsizer contributions for the member?

    No

    Leave H and H1 blank. Go to I and J.

    Yes

    Read on.

    Write at H the total value of all downsizer contributions made by the member in 2018–19.

    The member can make multiple contributions from the proceeds of a single sale of a dwelling.

    The downsizer contribution amount cannot be greater than the member’s share of the capital proceeds of the sale of their dwelling, up to a maximum (individual) limit of $300,000.

    Example: Maximum amount of a downsizer contribution

    In 2019 Rupert and Denise (joint tenants) sell their home for $500,000. The capital proceeds for the disposal of their interests are $250,000 each. The home is sold under a single contract.

    Rupert and Denise are both eligible to make downsizer contributions. They are able to access the capital proceeds from each other’s ownership interests to determine the maximum contribution they can each make.

    Rupert and Denise can choose how to allocate the total available contribution amount, as long as neither individual contributes more than $300,000 in total, and the sum of their respective contributions does not exceed the capital proceeds of $500,000.

    They choose to make a $300,000 contribution to Denise’s superannuation and a $200,000 contribution to Rupert’s superannuation.

    End of example
    H1 Receipt date

    Write at H1 the date the downsizer contribution was received by the fund.

    Downsizer contributions must be made within 90 days of the change in ownership of the dwelling (usually the date of settlement).

    If multiple downsizer contributions were made by the member, use the date the last contribution was received by the fund.

    Last modified: 03 Oct 2019QC 58668